<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE GRAHAM
CORPORATION CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                           1,694
<SECURITIES>                                     4,801
<RECEIVABLES>                                    6,814
<ALLOWANCES>                                        23
<INVENTORY>                                     10,278
<CURRENT-ASSETS>                                24,913
<PP&E>                                          25,244
<DEPRECIATION>                                  15,218
<TOTAL-ASSETS>                                  37,030
<CURRENT-LIABILITIES>                           12,454
<BONDS>                                            859
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           169
<OTHER-SE>                                      17,606
<TOTAL-LIABILITY-AND-EQUITY>                    37,030
<SALES>                                         56,206
<TOTAL-REVENUES>                                56,206
<CGS>                                           38,123
<TOTAL-COSTS>                                   38,123
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     4
<INTEREST-EXPENSE>                                 242
<INCOME-PRETAX>                                  5,474
<INCOME-TAX>                                     1,708
<INCOME-CONTINUING>                              3,766
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     3,766
<EPS-PRIMARY>                                     2.27
<EPS-DILUTED>                                     2.21